question category: Debt Consolidation

My house has a 2 charges on the property
Submitted on: 12th Oct 2010 by Non-Member | Total Answers: 1

Can you help, I have a large joint debt that began in 2003 with my now ex husband - I have a charge on my home for the debt and have been paying £300 per month for almost 2 years - but my ex has paid little to nothing and now has gone bankrupt and the debt has become all mine - it started at £35k and is now in excess of £50k with interest being added at 6% which was set by the court.
My property is mortgaged and has £75,000 out standing - my property is worth about £145,000 and was looking at making an offer to the bank - and remortgaging my house but can i do this with a charge on the property??

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Re: My house has a 2 charges on the property

The second charge on your property, for the secured loan, ensures that you do not sell the house without repaying the amount outstanding. It is possible to remortgage to pay off the secured loan but this will depend on your bank’s lending policy. The result of remortgaging should be beneficial to you as the interest rate may be lower on your mortgage than it was on the secured loan.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 25th Oct 2010 by TA Member

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